How to achieve a B1 or more in economics?

Mysteriouschic

I've only picked up economics as a new subject this year as I had to drop one as I didn't want to do that subject again as I failed it in the LC. I need a B1 in economics to go to a university.

I find it's going okay but I'm only average at it. I'm only 50/50 at the moment.
I understand most of the micro . The only thing I don't understand is the graphs. Do you just learn one short run curve and then the long run and know how to explain it? in both the supply and demand? in all of the market structures?

Macro we've only just started it seems easier , I don't understand the national income do you have to calculate real figure?
I did a course and I remember having to use figures to calculate?
Do you need to work out the injections going in and out?

How do you prepare for the macro section what sections isit best to study? and which questions are the best for macro? I just don't know where to start with economics I have notes with all of the answers.
Should I read newspapers or watch the news to know about the current economy?

Ajireland95

I'm also doing economics, so i can hopefully help a bit.

For the graphs on demand/supply you need to understand what changes them and how i.e if its a shift in demand or an (extension) (?) in demand etc. same for supply.

For the markets you need to be able to show the short and long run curves from each section and just learn a few points on each (3-4 should be okay) about what the graph means for the business and why it is shaped that way.

I cant help on national income as that just blows my mind to be honest.

As for the best ones to study, you should probably learn land, labour, capital, enterprise, as they're pretty straight forward and easy to learn. Taxation is also pretty handy and if you're able to memorise lists and definitions well, monr=ey and banking is grand.

PictureFrame

Mysteriouschic wrote: »

I've only picked up economics as a new subject this year as I had to drop one as I didn't want to do that subject again as I failed it in the LC. I need a B1 in economics to go to a university.

I find it's going okay but I'm only average at it. I'm only 50/50 at the moment.
I understand most of the micro . The only thing I don't understand is the graphs. Do you just learn one short run curve and then the long run and know how to explain it? in both the supply and demand? in all of the market structures?

Macro we've only just started it seems easier , I don't understand the national income do you have to calculate real figure?
I did a course and I remember having to use figures to calculate?
Do you need to work out the injections going in and out?

How do you prepare for the macro section what sections isit best to study? and which questions are the best for macro? I just don't know where to start with economics I have notes with all of the answers.
Should I read newspapers or watch the news to know about the current economy?

Gonna just keep this short and sweet as I have Piano lessons now.

OP: I also took up Economics this year at HL, I achieved an A2 (87%) in my Mock. PM me if you want advice, i'll reply a little later when I come back from Piano!

PictureFrame

Ok, so I have about 10 minutes so I said i'd help you out a bit!

Economics is one of the handiest subjects in the Leaving. I took it up last year outside of school and just missed out on an A1 in the Mock (87% A2).

For me, Micro is the easiest section. However I don't like Costs. I truly believe if you learn the following from the Micro you should be sorted for at least 3 questions:

• Market Structures (assumptions, LR & SR Equilibrium, Demand curves, advantages, disadvantages etc.)
• Demand and Supply (factors that affect each, drawing and labelling equillibrium, circumstantial effects on demand/supply curves, consumer behaviour assumptions, law of equi-marginal returns etc.)
• Elasticity (factors that affect PED/PES. Forumlas, how to read results from the forumlas, uses of Elasticity (monopolist, government when deciding taxes etc). What the results actually mean.
• Factors (Land, Labour, Enterprise, Capital) can't say much on these only know the economic characteristics of land etc.

Now, Macro was originally my favourite section. I would advice learning the following:

• National Income (so simple!) Know your definition GDP at factor cost etc. Know the Circular flow of income, what are leakages and injections, how to use the expenditure method Y= C+I+G+(X-M). Understand how the circular flow income should work, know what net factor income from the rest of the world is etc.
• International Trade: Know the LOCA, Assumptions underlying it, how to calculate terms of trade etc. Why Trade is good for Ireland, definitions of Balance of payments/trade, Capital/Current Accounts, expenditure, defecit, surplus etc. Maybe why Multinationals do/don't come to Ireland
• Government and Economy: E.g. tax, national debt, privatisation etc.
• History Of Economic thought: SERIOUSLY I know it's horrible but don't let it catch you out, it could be the difference between an A1 & A2
• Inflation/Money & Banking: I think this is extremely important, I think we could be looking at one of these for definite this year.

Other than this, know your definitions, do as many exam questions as possible and for gods sake do every short question possible, I did this for my mock and got 100% in them, they're so repetitive. Feel free to drop me a PM if you need any other tips!

bobjimmy

Hi hoping for an A1 in economics... Got an A1 in the mock but i thought the exam was just too easy. How would you suggest studying for Economics.. I just do all exam questions poosible and learn off the anwsers from the marking scheme... Should i be ok if i do this...?

Mysteriouschic

bobjimmy wrote: »

Hi hoping for an A1 in economics... Got an A1 in the mock but i thought the exam was just too easy. How would you suggest studying for Economics.. I just do all exam questions poosible and learn off the anwsers from the marking scheme... Should i be ok if i do this...?

I was thinking of doing the same myself , rather than writing out notes which take ages to write.

Mysteriouschic

The Q1 2007 I don't quite understand the Supply graphs in both A ii) and the B part of the question even by looking at the marking scheme answer.
I don't quite understand the graphs, and what they mean. http://www.examinations.ie/archive/markingschemes/2007/LC034ALPO00EV.pdf
Can anyone help me? Is it just like say for Firm A at 2000 quantity it's getting €20 or at €20 it's producing 2000 quantity then at €40 it's producing 4000 Q. etc...
Should I just learn off that graph?

How important is it to know the supply graphs?
I do know the factors which affect it , I just don't quite understand the graphs.

Bears and Vodka

OK right, I'll try to explain those three graphs in the marking scheme.

The whole question is about individual supply and market supply. I'll assume you know what those are.

Now the graphs. There are two firms in the market: Firm A and Firm B.
1st graph shows that Firm A supplies (sells) 2000 goods at 60 euro. (i.e. individual supply graph for Firm A).
2nd graph shows that Firm B supplies 4000 goods at 60 euros. (i.e. individual supply for Firm

Since Firm A + Firm B = Market, that means 2000 + 4000 = 6000 goods at 60 euros supplied by the whole market. That explains the 3rd Graph.

P.S. The easiest way to understand these is to put real life situations on them. Imagine there are two petrol stations in town. Texaco provides 2000 litres of petrol, Topaz supplies 4000 litres. Petrol market in town overall supplies 6000 litres. (at that given price. Obv not at 60 euro per litre but yno..)

PictureFrame

DAMN YOU subzero!! You just got in there before me! :P..

Mysteriouschic- Your better off understanding the graphs rather than learning them off. But for Supply make sure you know the backward bending supply curve and the fixed supply curve.

Bears and Vodka

PictureFrame wrote: »

Your better off understanding the graphs rather than learning them off. But for Supply make sure you know the backward bending supply curve and the fixed supply curve.

Has that ever been asked? I can't recall it from any exam paper Q.
Sometimes I'm learning all these things like paradox of thrift, revenue buoyancy, some weird economists and I realise those things were never even asked before.

Mysteriouschic

PictureFrame wrote: »

DAMN YOU subzero!! You just got in there before me! :P..

Mysteriouschic- Your better off understanding the graphs rather than learning them off. But for Supply make sure you know the backward bending supply curve and the fixed supply curve.

Isit possible to avoid the supply question? or will it catch me out as part of another question? The supply wouldn't be in the macro section either would it?
I kind of understand it more now. If a question like that is asked do I just use random figures and a example?

Bears and Vodka

If you know demand well then supply shouldn't be any problem. It's basically demand backwards.
A demand curve shows how many goods consumers will buy at a certain price.
A supply curve shows how many goods companies will supply (make & sell) at a certain price.

In macro you can avoid talking about supply by talking about other things. Macro questions invite you to form your own opinion and talk about various consequences. You can direct the question any way you want so yes its possible to avoid it, unless they specifically ask for supply.
For example ''What are the possible consequences of introducing grants to firms?''
A possible bullet point might be: - Supply of goods by firms will increase. If grants are introduced the cost of production of a good will fal, therefore the firm will supply more of the good.
But since you can twist the question in any way you want you can say - Demand for goods will rise. Demand for goods will rise because due to grants the firm will charge less for their produce which will boost demand.

Twist the answers and you will avoid supply!

PictureFrame

subz3r0 wrote: »

Has that ever been asked? I can't recall it from any exam paper Q.
Sometimes I'm learning all these things like paradox of thrift, revenue buoyancy, some weird economists and I realise those things were never even asked before.

Well in relation to Labour I think it has been asked before. When workers receive a certain wage they decide to reduce hours and therefore reduce supply. I think anyway!

carnibell

is there a lot of work in higher level economics?
is it too late to start it now and get a C3 or more?

PictureFrame

From scratch? Have you any experience with it? It's really late in the year though!

Bears and Vodka

For a C3 in Higher Level, I think it is too late. If you're starting from scratch.

carnibell

yeah its from scratch... i probably wont do it then ill just focus on the subjects i am doing it was just a backup if something doesnt go well thanks

Mysteriouschic

Do you think a question on the CPI will come up this year? .

Does national income and the multiplier come up every year?
You know with national income? do you need to use the current figures in that question to calculate the injections?

Bears and Vodka

Mysteriouschic wrote: »

Do you think a question on the CPI will come up this year? .

Does national income and the multiplier come up every year?
You know with national income? do you need to use the current figures in that question to calculate the injections?

CPI as a calculation comes up rarely.

National Income and Multiplier come up almost every year I think, but only some years as a calculation. You only use their figures that are given in the table, they dont expect you to know current figures.

PictureFrame

A question on CPI could come up, it'd be flipping class if it did. It's usually 20/25 marks and it takes about 3 minutes to do! Here's hoping!

National Income came up every year apart from 2002. More than likely it will come up, but you never know! If it comes up this year, i'd imagine the Circular flow of Income would be nearly a guarantee! Think it last came up in 2009!

Mysteriouschic

PictureFrame wrote: »

A question on CPI could come up, it'd be flipping class if it did. It's usually 20/25 marks and it takes about 3 minutes to do! Here's hoping!

National Income came up every year apart from 2002. More than likely it will come up, but you never know! If it comes up this year, i'd imagine the Circular flow of Income would be nearly a guarantee! Think it last came up in 2009!

If a circular flow of income comes up are the figures given? I haven't practised that yet. I will tomorrow. Is it hard to do that question?

I love the cpi question it came up in my last test the teacher gave us.

Do I still have time to work on getting a b1?

I haven't failed any economics exam. My last question 2001 Q7/8 my teacher gave us he gave me I don't know how I got a D. I did the CPI calculation correct then the part c I wrote about 5 points on it. I remember the part B i couldn't really remember only remembered 2 points. . I remember looking at my revision book after to see if what I'd written was right and it was. My teacher gave me a D, he didn't give the tests back. I thought I'd at least get a C as I felt that test went well .

Bears and Vodka

Mysteriouschic wrote: »

If a circular flow of income comes up are the figures given? I haven't practised that yet. I will tomorrow. Is it hard to do that question?

Isn't that just the diagram? You draw the diagram and label Leakages/Injections and all that and explain what's going on?

Usually they ask something about Ireland being a small open economy and you have to draw the diagram and explain why that's the case.

Mysteriouschic

subz3r0 wrote: »

Isn't that just the diagram? You draw the diagram and label Leakages/Injections and all that and explain what's going on?

Usually they ask something about Ireland being a small open economy and you have to draw the diagram and explain why that's the case.

I think so yeah. But I remember at the institute revision course the guy was calculating something in the national income using figures as well as doing the leakages and injections. Thats why I was wondering if there were figures I needed to know for that question. I didn't really understand it at the time as I hadn't looked at that chapter yet.

Bears and Vodka

Ah he was definitely using National Income figures given in the question itself.
For example Q.5 in 2009 http://examinations.ie/archive/exampapers/2009/LC034ALP000EV.pdf

Seriously, these national income calculations are very simple and it's just a matter of doing a few of them to get the hang of things. The Multiplier formulas are in the log tables too.
If that comes up this year, it's happy days I think! Relatively easy 20 marks.

Mysteriouschic

subz3r0 wrote: »

Ah he was definitely using National Income figures given in the question itself.
For example Q.5 in 2009 http://examinations.ie/archive/exampapers/2009/LC034ALP000EV.pdf

Seriously, these national income calculations are very simple and it's just a matter of doing a few of them to get the hang of things. The Multiplier formulas are in the log tables too.
If that comes up this year, it's happy days I think! Relatively easy 20 marks.

I've been going over the national income myself along with notes I have. My teachers still yet to cover it. Plus he just talks for ages and sometimes goes off topic , and it's extremely hard to listen.

I tried one of the multiplier questions the other day it seemed okay. I'd just need to remember how to use it. I have my mock on the Monday we come back. I want to do a national income question as it usually comes up. I prefer the macro section.